BRUSSELS: Dutch brewer Heineken said on Friday it had completed its exit from Russia by selling its operations there to Russia's Arnest Group for a symbolic one euro.
The world's second-largest brewer said the deal had received all the required approvals and was likely to leave it with exceptional losses of 300 million euros ($324.8 million). Heineken announced its intention to exit Russia in March 2022, after Russia's invasion of Ukraine, acknowledging that the process had taken longer than expected. "Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia," chief executive Dolf van den Brink said. Heineken had seven breweries in Russia and 1,800 employees, who will receive employment guarantees for the next three years.
Many multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow, but the Kremlin has retaliated by seizing some assets. Asked if the experiences of Danone and Carlsberg had increased the urgency for Heineken to do a deal, van den Brink told reporters: "It showed there was a real risk of nationalisation..." reuters
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